Taxes in India can be divided as direct and indirect taxes. Direct tax is a tax you pay on your income. Indirect tax is a tax that somebody else collects on your behalf and pays to the government. This tax is, in turn, passed down to the government. Direct Taxes are broadly classified as : 1. Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed 2. Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporate has been prescribed by the income tax laws of India.
Individual Income Tax Return:
For Individuals, HUF, AOP and BOI, taxes are based on income slab basis.
File your return?
Please share your details (One of our Customer relationship executive will call back) or reach us at 8978385893
31st Dec – Due date for Investment proofs
31st Mar – Due date for Investments
31st July – Due date for Income Tax return
Income Tax – Corporate:
All companies incorporated in India are required to file income tax returns. Under the Income Tax Act 1961, company tax return filing is of 2 types, namely domestic company and foreign company.
Domestic company means an Indian company registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company.
Turnover up to Rs.250 Cr (Previous year) – 25%
Turnover exceeding Rs.300 Cr (Previous year) – 30%
Income Tax Return – 30th September
Who can be AOP and BOI?
1. Apartment associations
2. Community associations
4.Regional associations etc
Get Complied? share your details (or reach us at 8978385893)
Income Tax Consultation:
Income Tax – Business Income Tax– Sole Proprietor + Partnership Firm + AOP + BOI + HUF:
What is Business Income Tax Return?
It is a statement of Income, Expenses, Assets and liabilities. Assessee shall need to file Business ITR if his taxable income is crossing Rs.2,50,000/-
While filing Income Tax Return, Assessee needs to disclose his turnover, expenses and derive the actual profit during the financial year along with assets and liabilities statement as on relevant financial year end.
Who and all need to file Business Income Tax Return?
How RCCO Files?
1) Collection of Data
2) Preparation of Books of Accounts
3) Off site meeting with Balance sheet, Profit and Loss and Income Computation sheet
4) Tax Payment and Tax Filing
1) How Long it take – Depends on transactions, typically 5 to 10 days
2) Is there any on-site visits – Yes, with additional charges
3) Is our data secured – Yes, we use secured data base stream
Pricing ? – Please share your details (or reach us at 8978385893)
Taxation for AOP and BOI:
The income tax Act prescribes a specific mode for calculation of income and taxability in the case of Association of Persons.
What is AOP and BOI?
An association of persons means an association in which two or more persons join in a common purpose or common action. The term person includes any company or association or body of individuals, whether incorporated or not. An association of persons may have companies, firms, joint families as its members
How RCCO assist in Filing?
Computation of Income?
The total income under the different heads i.e. Income from house property, Profits or gains of business or profession, Capital gains, and income from other sources shall be worked out ignoring incomes which are exempt.